The Third Party Network combines Prevalent’s award-winning TPRM Platform, the first unified, cross-sector third party risk management platform, and Shared Assessments’ member-driven standardised assessment tools, certification, and thought leadership programs. Leveraging more than two decades of third party risk management expertise, the partnership provides UK and European enterprises with a powerful solution to build, expand, and continuously monitor their supplier risk management programs over their entire lifecycle.
Third party breaches and the theft of personal and sensitive data are unfortunately a global reality. According to statistics from the UK’s National Cyber Security Centre, more than 1,000 cyber incidents were reported in the UK during the Centre’s first year alone. With the EU’s General Data Protection Regulation (GDPR) deadline less than a year away, companies must establish best practices for all areas of data protection, including managing the risk associated with an enterprise’s network of literally thousands of third and fourth-party suppliers.
“Prevalent and Shared Assessments have led the industry in developing a more efficient, collaborative and standards-based approach to vendor risk management,” said Jonathan Dambrot, Prevalent CEO and Co-Founder. “We are excited to bring this proven, highly effective third party risk management program to the UK and European market.”
The Third Party Network offers a comprehensive solution to manage the lifecycle of a company’s third party risk management program. Highlights include:
• Assess & Share: Companies can automate their assessments and easily share assessments through a “Complete Once/Share Many” design approach; includes the flexibility to launch your own assessments, leverage analytics, use standard Shared Assessments questionnaires or develop custom evidence gathering, and adjust risk scores based on your own risk posture.
• Continuous Threat Monitoring Software: Network members gain access to monitoring software that provides a holistic view of potential risks across five key areas: Cyber/Data, Brand, Financial, Operational and Regulatory. It captures events, scores and delivers email notifications to keep you continuously up to date on your vendors.
• Shared Assessments Program Tools: Users have automatic access to the Shared Assessments’ Program Tools, including the widely adopted Standardised Information Gathering (SIG) questionnaire. The SIG allows organisations to quickly build and share evidence internally and with any member of the exchange.
• Full participation in the Shared Assessments member community: Includes access to the industry’s only Certified Third Party Risk Professional (CTPRP) expert certification program, best practice thought leadership programs, peer networking and active participation in working groups to help define and shape future industry needs.
Speaking at the launch event and “The State of Third Party Risk Management” roundtable in London, Sean O’Brien, Director, DVV Solutions concluded “The Third Party Network is an exciting development in the Shared Evidence Network approach to Third Party Risk Management saving time, money and effort for all member organisations wishing to share the risk assessment and evidence of common suppliers. It is built upon the success our partners have had with this collaborative model with the Legal Vendor Network, Higher Ed Vendor Network and CYBERFIT™ for Healthcare organisations. We are therefore confident that the clear benefits from both significant economies of scale and the release of critical resource to focus on value-add risk management will resonate with UK and European businesses.”
To discuss how your organisation can benefit from membership of the Third Party Network call DVV Solutions today on +44 (0) 161 476 8700 or Contact Us.